mgalmore01091999 mgalmore01091999

03-12-2017
Mathematics

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$11,000, invested for 4 years at 3% compound monthly

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Aliwohaish12 Aliwohaish12

03-12-2017

The formula is
A=p (1+r/k)^kt
A future value?
P present value 11000
R interest rate 0.03
K compounded monthly 12
T time 4years
A=11,000×(1+0.03÷12)^(12×4)
A=12,400.61

Hope it helps!

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